Morning wrap (03.12.2021)

• US indices finished yesterday's trading higher, erasing part of Wednesday's sell-off. S&P 500 gained 1.42%, Dow Jones added 1.82% and Nasdaq finished 0.83% higher. Russell 2000 rallied 2.74%

• US index futures dropped after session close on reports of Omicron cases being detected in New York state, Los Angeles and Hawaii. However, indices recouped losses during the Asian session

• Stocks in Asia traded higher today. Nikkei gained 1%, S&P/ASX 200 added 0.2% and Kospi jumped 0.8%

• DAX futures point to a higher opening of the European cash session

• US Congress passed a funding bill to avoid government shutdown

• China services PMI (Caixin/Markit) for November dropped from 53.8 to 52.1 pts (exp. 51.0 pts)

• Oil erased all of the losses made after OPEC+ decided to leave output policy unchanged yesterday. Brent is trading near $71 per barrel while trades slightly below $68

• USD and CAD are the best performing majors. NZD and AUD lag the most

• Precious metals and industrial metals gain in spite of USD strengthening

OIL plunged yesterday after OPEC+ decided to increase production in January by 400k barrels per day in January. However, the drop was quickly erased and a hammer candlestick pattern was painted at an important price zone. Source: xStation5